Saturday, August 11, 2012

Selling Coins To Your Advantage For Many Reasons

You've heard the stories of someone finding their parents old
coin collection in the attic and cashing it in for large sums and you
say to yourself, "I wish I could have that luck". In reality you may
have valuable coins lying around and you don't even know it. Whether it
is pennies, nickels or exotic coin sets, the world of coin collecting is
pretty extensive and growing.
It
is important when selling your coins to know what exactly you have.
There are different ways to judge a coins worth. The Coin Grading, the
rarity, the interest in the coin(s) and the liquidity value. There are
many different coins and collectors out there but if you have coins to
sell the first thing you must does it educate yourself on the product.
Arguably
the most important part of determining the value of a coin is Coin
Grading which is the condition of the coin. There is an extensive
grading scale; Basal State or Poor(PO), Fair(Fr), About or Almost
Good(AG), Good(G), Very Good(FG), Fine(F), Very Fine(VF), Extra
Fine(EF), Almost or About Uncirculated(AU), Uncirculated(Unc) and the
highest, Brilliant Uncirculated(BU). Depending on where your coins fall
in this grading system will greatly impact the value of your coin.
Of
course another important factor in coin value is how rare it is. First
find a reliable coin dealer or numismatist and take your coin(s) to get
properly inspected to determine the value and rarity of your product.
Once you know what you have and how rare it may be, you can figure out
what market to invest time in.
Close to the rarity factor is how
much interest your coins have in the open market. This is your basic
consumer demand principle, the more collectors searching for that coin
or set the more you'll be able to sell it for, while the less people are
searching for the coin the less you may get. Now this is not always the
case as it depends on the collector and their individual interest in
what you have.
Lastly, probably the smallest factor when selling
coins the collectors is the liquidity factor, how fast or easily you can
sell the coin. For most collectors they prefer to have heir complete
sets or collection.
However there is much coin enthusiastic who
just want to coin(s) to be able to sell somewhere else, auctions, events
etc., you may be able to sell your collection to these types of buyers
easier you may not get the complete worth of your coin(s). Other than
the collectable coin sets there are Gold and Silver Bullion which are
strictly meant for their liquidity value. These are used as investment
pieces rather than collectables.